THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – June 25, 2013


As we look at today's setup for the S&P 500, the range is 26 points or 0.45% downside to 1566 and 1.20% upside to 1592.          

                                                                                                                     

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2

 

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.13 from 2.15
  • VIX closed at 20.11 1 day percent change of 6.40%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:30am: Dur Goods Orders, May, est. 3.0% (prior rev to 3.5%)
  • 8:30am: Durables Ex Transportation, May, est. 0.0%
  • 8:30am: Cap Goods Orders Non-Def, Ex-Aircraft, May, est. 0.5%
  • 8:55am: Johnson/Redbook weekly sales
  • 9am: S&P/Case Shiller 20 City M/m, April, est. 1.2%
  • 9am: S&P/CS Home Price Index, April (prior 148.65)
  • 9am: FHFA House Price Index, April, est. 1.1% (prior 1.3%)
  • 10am: Richmond Fed Manufacturing, June, est. 1 (prior -2)
  • 10am: Conference Bd Cons Conf, June, est. 75 (prior 76.2)
  • 10am: New Home Sales, May, est. 460k (prior 454k)
  • 10am: New Home Sales M/m, May, est. 1.3% (prior 2.3%)
  • 11am: Fed to buy $1.25b-$1.75b debt in 2036-2043 sector
  • 11:30am: U.S. to sell $25b 52W bills, 4W bills
  • 1pm: U.S. to sell $35b 2Y notes
  • 4:30pm: API weekly inventory data

GOVERNMENT:

    • President Obama unveils his plan to address climate change
    • Supreme court may rule at 10am on cases including:
    • Calif. initiative banning same-sex marriage, law denying federal benefits to legally married gay couples
    • Whether Voting Rights Act can require some states to get “preclearance” from federal government before changing voting rules
    • Markey takes on Gomez in Mass. special election for U.S. Senate
    • Sperling, Krueger, Biden speak on federal minimum wage
    • Senate Appropriations Cmte panel marks up FY2014 Energy and Water Development Appropriations Bill, 10am
    • Senate Energy and Natural Resources Cmte holds hearing on management of forests on federal lands, 10am
    • Senate Appropriations Cmte Financial Svcs and General Government panel hears from CFTC Chairman Gary Gensler, SEC Chairman Mary Jo White on FY2014 budget, 3pm
    • Senate Banking, Housing and Urban Affairs Cmte holds hearing on regulation of private student loans, 10am

WHAT TO WATCH

  • Google may get win in case over privacy data on other websites
  • U.S. senators to introduce bill to end Fannie Mae, Freddie Mac
  • China money-market rate increase temporary, PBOC official says
  • Benchmark rate alternatives to be studied by regulators: Carney
  • U.S. said to explore possible Chinese role in Snowden leaks
  • Men’s Wearhouse founder Zimmer said studying options: Reuters
  • S&P mortgage ratings trial sought for Feb. 2015 by U.S.
  • Ford F-150 tops Toyota Camry as No. 1 in American-made ranking
  • Cerberus plan to boost Seibu control rejected by investors
  • Spain sells EU3.07b bills vs EU3b maximum target

EARNINGS:

    • Lennar (LEN) 6am, $0.33, preview
    • Walgreen (WAG) 7:30am, $0.91
    • Barnes & Noble (BKS) 8:30am, ($0.90)
    • Carnival (CCL) 9:15am, $0.07
    • Synnex (SNX) 4pm, $0.81
    • Apollo Group (APOL) 4:01pm, $0.86
    • Smith & Wesson (SWHC) 4:05pm, $0.43

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • HKEx’s Li Targets Chinese Growth After $2.2 Billion LME Purchase
  • Palm Reserves Rising Most Since 1999 After Oil Rout: Commodities
  • Morgan Stanley to Goldman Cut Gold Forecasts on Fed Outlook
  • Copper Advances in New York After China Comments on Money Rates
  • EU Officials Said to Agree to 30% Cap on Some Farm Subsidy Cuts
  • Corzine May Soon Face CFTC Lawsuit Over MF Global, NYT Reports
  • Morgan Stanley Maintains 3Q, 4Q Iron Ore Price Estimates
  • Iron-Ore Cargoes Double Ship Rates as China Seen Buying: Freight
  • WTI Rises a Second Day on Supply Data; Goldman Sees Demand Gain
  • Crude Supply Drops in Survey Amid Driving Season: Energy Markets
  • Yingluck Risks Farmer Ire to Curb Fiscal Burden: Southeast Asia
  • Corn Belt ’Good or Excellent’ Corn Hits Seven-year High, Week 25
  • Gold’s Price Slide Seen by Credit Suisse ‘Shattering’ Confidence
  • Russia, Kazakhstan Join Turkey in Raising Gold Holdings in May

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

 

GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 3

 

THE HEDGEYE DAILY OUTLOOK - 4

 

EUROPEAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 7

 

ASIAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 8

 

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 9

 

 

The Hedgeye Macro Team

 

 

 

 

 

 

 

 

 

 


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